Bitcoin (BTC) is set for an impressive end to 2024, according to Galaxy Digital CEO Mike Novogratz. In a Bloomberg interview, Novogratz predicted a price surge to $100,000 by year-end, driven by several factors.

Breaking the $73,000 Barrier

Novogratz’s forecast centers on Bitcoin crossing the $73,000 mark. He believes that surpassing this resistance level could create a domino effect, pushing BTC towards $100,000. He emphasized the significance of "market ranges," suggesting that once Bitcoin stabilizes above $70,000, psychological factors could drive it further into six-figure territory.

Novogratz stated, “If we take $73,000 in the next couple of weeks or so, we are going to end the year at $100,000 or higher.”

Market Volatility and Regulatory Uncertainty

Despite Novogratz’s optimistic outlook, the cryptocurrency market's inherent volatility and potential regulatory changes could disrupt this trajectory. The regulatory landscape, including the uncertain fate of bills like FIT21, remains a critical factor.

The FIT21 Bill

The Financial Innovation and Technology for the 21st Century Act (FIT21) aims to establish a regulatory framework for crypto assets in the U.S., with the Commodity Futures Trading Commission (CFTC) as the primary regulator. This bill could provide clarity for crypto businesses, but it faces challenges in the Senate.

Bitcoin’s Future Prospects

The next few months will be crucial for Bitcoin. The ability to break and sustain the $73,000 barrier, rising institutional interest in ETFs, and evolving regulatory environments will determine if Bitcoin can reach $100,000 or face setbacks.

Institutional Interest in Bitcoin ETFs

A major factor behind Novogratz's bullish stance is the launch of spot Bitcoin ETFs. These funds offer institutional investors a simplified way to gain Bitcoin exposure, resulting in significant inflows. Novogratz noted approximately $60 billion flowing into these funds, boosting Bitcoin's price and market sentiment.